Mark Cuban says there’s “no chance” that bitcoin can become a reliable currency.
“Not because it can’t work technically,” the Shark Tank star and owner of the Dallas Mavericks said in an email to Forbes. “But rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value.”
Given the raft of rival cryptocurrencies available, Cuban said, it’s also “too much work for people to know why BTC over everything else.”
The billionaire has experience in commercializing new technologies. He made his fortune by building Broadcast.com — a pioneer in video-streaming technology — then selling it to Yahoo! in a $5.7 billion stock deal in 1999.
Cuban compared bitcoin to baseball cards, comic books, and artwork in a Wired video in September, arguing the cryptocurrency has no intrinsic value and is “only worth what somebody will pay for it.” He added that he’d “rather have bananas, I can eat bananas.”
The price of bitcoin has plunged from about $12,000 in August to below $7,250 at the time of writing.